GM CEO: 'Opel is not for sale'

General Motors Chairman and CEO Dan Akerson, left, speaks as United Auto Workers President Bob King listens at a news conference at the start of national contract negotiations at the General Motors Hamtramck Assembly plant in Hamtramck, Mich., Wednesday, July 27, 2011.

Paul Sancya/AP/Paul Sancya/AP

DETROIT

Globe and Mail Update

March 26, 2017July 27, 2011

General Motors Co chief executive officer Daniel Akerson has weighed in strongly on the future of its Opel business, saying the European unit was not for sale.

"We don't comment on speculation - and there has been a lot of speculation - but I will say this: Opel is not for sale," Mr. Akerson said at a news conference on Wednesday when asked about Opel's future.

Mr. Akerson was speaking at a GM plant to officially launch labour talks with the United Auto Workers union.

Story continues below advertisement

Speculation about Opel's future began in early June with reports by German media the European unit could be sold and that possible buyers included Chinese auto makers or Volkswagen.

Opel chairman Nick Reilly said on June 30 that GM was "very satisfied" with Opel's progress, but failed to quash rumours GM was mulling a sale.

However, Opel remains a high-cost player in a low-growth region, in a segment dogged by cutthroat competition, leading to speculation of a sale or labour concessions by its workers.

We have closed comments on this story for legal reasons. For more information on our commenting policies and how our community-based moderation works, please read our Community Guidelines and our Terms and Conditions.